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Vietnam to improve competitiveness of major export products by 2020

Việt Nam will improve the competitiveness of major export products to boost export value in line with the country’s economic restructuring and renovation of the growth model, according to a decision recently issued by the Prime Minister.

Under Decision 1137/QĐ-TTg to approve the project of improving competitiveness of Vietnamese export products by 2020 with a vision to 2030, Việt Nam plans to increase export value in 2020 to triple that of 2010, gain a trade balance in 2020 and achieve trade surplus in the 2021-30 period.

Accordingly, by 2020, the project would focus on increasing the quality and value of productsthat are advantageous for export to reach an average export revenue growth of 8 per cent per year during the 2016-20 period.

Exports of major agriculture and fishery products are planned to increase on average by 20 per cent and would be promoted in developed countries such as the European Union, Japan and Korea.

The project also targets to enable Vietnamese firms to participate in the global supply chain in several stages of high added value.

From 2021 to 2030, export growth is expected to reach 9-10 per cent per year. In addition, Việt Nam will have highly-competitive firms in each export product category.

The project will focus on two product categories with advantages for export, including agriculture and fishery, and processing industry products.

Products which will be in focus by 2020 include rice, coffee, rubber and fishery, as well as pepper, cashew, cassava, fruits and vegetables, along with garment and textile, footwear, wood products and handbags, in addition to umbrella, phones and components, computers and parts, cameras, transportation means, machinery and electric wires.

During the 2021-30 period, products to be improved in terms of competitiveness include tea, honey, raw materials of the garment and footwear sector, and plastics, as well as fertilisers and chemicals.

To achieve the goals, transforming production methods towards increasing the proportion of high value-added products is critical.

In addition, the export markets must be expanded together with developing national brands, products brands and business brands, while enhancing national competitiveness to create favourable conditions for firms.